Enlarge / AT&T will own a bunch of new media properties if it is allowed to buy Time Warner. (credit: Aurich Lawson)

An FCC review would be necessary if Time Warner transfers any FCC licenses to AT&T, but Time Warner might get rid of any such licenses before the deal is finished. “Time Warner has conducted a review of all licenses that it holds that are granted by the FCC,” AT&T said in a filing with the Securities and Exchange Commission yesterday. “While subject to change, it is currently anticipated that Time Warner will not need to transfer any of its FCC licenses to AT&T in order to continue to conduct its business operations after the closing of the transaction.”

AT&T did not elaborate on how the licenses would be disposed of.